A downtown Cincinnati institution will soon be no more. After 25 years, the Fountain Square Macy’s is closing its doors. The retailer had previously announced that it will close 100 or more stores nationwide in 2018. That the Fountain Square Macy’s is one of them comes as a surprise. The retailer opted not to renew its downtown lease when it expires in January. The store itself will close by March.
The closure affects more than 54 employees. Reportedly, Macy’s Inc is offering severance packages for some and employment opportunities in nearby stores for others.
Macy’s corporate headquarters, as well as six other stores and various offices, will remain in the Cincinnati area.
Two other retailers, Saks and Tiffany’s, have clauses in their leases that allow them to shut down their own stores if too many high-profile businesses leave the area. So far there’s been no word on whether Macy’s leaving will impact their presence downtown.
This marks a setback for the recent regrowth in downtown Cincinnati, but developers say it’s a minor one. The city is actively pursuing Amazon. The corporate giant announced in 2017 that it will be opening a second headquarters outside of Seattle. Should Cincinnati be chosen for the new location, thousands of jobs will come to the area, pushing growth and revitalizing the downtown neighborhood. This would make it appealing to a wider range of retailers and other businesses.
In the meantime, developers are still deciding what to do with the prime location by Fountain Square once Macy’s closes.